Does anyone know how they compare or what the difference is score whys compared to your fico score? Thanks
Everyone scores differently. Applying for an auto loan they will probably look at your past auto history first. There is not a chart for exact figures.... so I've been told in the past.
This has been discussed before...I would be denied for a loan because I NEVER have FINANCED a car...paid cash...SO I COULD PAY CASH OR PUT IT ON ONE CREDIT CARD...BUT COULDN'T GET A LOAN FOR ONE...
Many people do look for large installment payments. If you have never financed a car before you'll probably qualify under the "First timer buyers" program. VAG (VW) credit is like this. Great you have 700+ score, but no previous car purchase = high risk. Strange folks they are. They'll also scrutinize your debt/ratio income , length of residence, job with verification. Since i had a previous car loan (albeit $7K car) , i whisked by all that non-sense the only thing they verified was the SSN CARD, Insurance Card, and Drivers license..
Do you think it matters how long ago the previous car loan was? I had a 60 mo loan paid off in 1995. Is that too long ago to help?
As long as it shows up on your report, it should help; just as long as you weren't late on making your payments.
GEORGE, I don't believe in financing a car if you can afford to pay cash or buy a used one for cash. As long as you have good credit and your URs are low, why stress about the FICO numbers, how high a CL you can get, or how many prime cards you can collect?
